The Next ajor - Midland Exploration
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The Next
ajor iscoverer
in Quebec
February 2022 Corporate Presentation
Forward-Looking Statements
• Safe Harbour Statement
Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995
and Canadian securities legislation. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company, or other future events, including forecast production, earnings and cash flows, to be
materially different from any future results, performances or achievements or other events expressly or implicitly predicted by such forward-looking
statements. Such risks, uncertainties and other factors include, but are not limited to, factors associated with fluctuations in the market price of precious
metals, mining industry risks, recent operating losses, uncertainty of title to properties, risk associated with foreign operations, environmental risks and
hazards, proposed legislation affecting the mining industry, litigation, governmental regulation of the mining industry, properties without known mineable
reserves, uncertainty as to calculations of reserves, mineral deposits and grades, requirement of additional financing, uninsured risks, competition,
dependence on key management personnel, potential volatility of market price of the Company’s common shares, dilution and certain anti-takeover
effects. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The
Company does not intend to update this information and disclaims any legal liability to the contrary.
• Cautionary Note concerning estimates of Measured, Indicated and Inferred Mineral Resources
This presentation uses terms that comply with reporting standards in Canada and certain estimates are made in accordance with Canadian National
Instrument 43-101 (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes Canadian standards for all public
disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements
of the U.S. Securities and Exchange Commission (“SEC”), and mineral resource information contained herein may not be comparable to similar information
disclosed by United States companies. This presentation uses the terms “measured mineral resources”, “indicated mineral resources” and “inferred
mineral resources” to comply with reporting standards in Canada. We advise United States investors that while such terms are recognized and required by
Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in
such categories will ever be converted into mineral reserves under SEC definitions. These terms have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility. Therefore, United States investors are also cautioned not to assume that all or any part of
the “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” exist. In accordance with Canadian rules, estimates of
“inferred mineral resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of the “measured
mineral resources”, “indicated mineral resources” or “inferred mineral resources” will ever be upgraded to a higher category.
2
Midland Exploration Summary
Prospect Generator / Joint-Venture Model
Quebec focus, exploring for gold, BM and PGE
75.7 million shares outstanding
Management: 8%, Institutions: 60%, Retail: 32%
80.9 million shares fully diluted
No debt, $8.0 million in cash in the treasury
$6.0M private placements by BHP in 2019-2020 (holds 5%)
Important agreements with: BHP, Rio Tinto, Agnico Eagle,
Wallbridge, Probe (2), Osisko, SOQUEM (2) and NMEF
$8.0 M (MD $3.5M – Partners $4.5M) of exploration in 2022,
incl. more than 20,000 m 3
Good Quality Partners Since 2006 !
New Strategic Alliances 15 Historical Options Agreements
➢ BHP : Ni Alliance ➢ SOQUEM (2) : Casault/Jouvex, Vermillon
➢ SOQUEM : Ni-Cu-Au Alliance ➢ Altius : James Bay
Historical Exploration Work
Active Option Agreement ➢ IAMGOLD : Heva
Midland Partners Total
➢ Rio Tinto : Tête Nord Ni ➢ NioBay : La Peltrie 31 M$ + 32 M$ = 63 M$
➢ Wallbridge : Casault (49%) (51%)
➢ Teck Resources : Patris
➢ Probe : Le Peltrie ➢ Agnico Eagle : Galinée/Lasalle
6 Actives Joint-Ventures ➢ Osisko Mining Corp. (2) : Dunn, Casault
➢ Probe : Gaudet-Fenelon ➢ Aurizon Mines : Patris
➢ SOQUEM : Gatineau Zn
➢ Breakwater (2) : Weedon, Gatineau Zn
➢ Agnico Eagle : Maritime-Cadillac
➢ JOGMEC (2) : Ytterby, Pallas
➢ Osisko Development : James Bay JV
➢ Mines Abcourt: Laflamme ➢ Zincore : Gatineau Zn
➢ NMEF : Soissons Regional ➢ Donner (3) : Valmond, Adam, Samson
4
Strong Management Expertise
JEAN-PIERRE JANSON GINO ROGER
Chairman and Director President and CEO and Director
INGRID MARTIN
RENÉ BRANCHAUD Chief Financial Officer
Secretary and Director
LEGAL ADVISORS
Lavery
PAUL ARCHER
Director
Technical Team
- Mario Masson (Vp Explo.)
- Sylvain Trépanier
ANNIE DUTIL - JF Larivière
Director - Richard St-Cyr
- Louis-Philippe Richard
- Florence Bédard
- Romain Deflin
JEAN DES RIVIÈRES
- Philippe Allard
Director
5
Midland Recent Highlights
New option deal agreement with Rio Tinto for our Tête Nord Ni project;
FT private placement of $2.8M at $0.80 and $0.92 recently completed;
New gold discovery with Wallbridge on our Casault option property;
New high grade Au-Cu boulders discovered on Mythril Regional;
New gold structure discovered on Lewis (100% Midland);
Drilling of 10,000 metres completed in the Detour Belt with partners;
Option payments completed by Wallbridge ($110k) and Probe ($55k);
New Ni-Cu land acquisition adjacent to Rio Tinto;
New gold discovery on Samson property near Fenelon-Tabasco;
New Ni-Cu strategic alliance with BHP in Northern Quebec;
New Ni-Cu-Au strategic alliance with SOQUEM in Northern Quebec.
6
Midland Active Projects Location
Midland Willbob (Au) Midland / NMEF (Ni-Cu-Co)
Midland SOQUEM (Ni-Cu-Au) Midland / BHP (Ni-Cu-Co)
Midland / Agnico Eagle (Au)
Midland / Wallbridge (Au)
Midland / Probe Metals (Au) Midland / Osisko(Au)
Midland / Samson (Au) Midland / Mythril (Cu-Au-Mo-Ag)
ABITIBI GOLD BELT
Midland / Rio Tinto (Ni)
Midland / SOQUEM (Zn)
7
Abitibi Midland’s Projects
QUÉBEC
Midland / Abitibi Au
Abitibi Gold Belt
Montréal
8
Abitibi Geology – Midland Projects
New Discovery Drilling 13 ddh’s (5,295 m )
6.85 g/t Au / 2 m Kenorland / Newmont Option
MARTINIERE Jeremie
DETOUR LAKE
BUG LAKE
FENELON / TABASCO Drilling 14 ddh’s (4,285 m )
Casault
Wallbridge Opt Fleuribleu Nomans
ZONE 58N
Lower Detour Fault Gaudet-Fenelon
Probe JV Sunday Lake Fault
La Peltrie Samson
Probe Opt Adam New Till survey, LAC SHORTT
Lewis
New
Newgeochem
geochemtargets
targets 187 samples
New geochem Mistaouac
MOROY NELLIGAN
& IP targets Noyelles
Jouvex
VEZZA LAC ROSE Lac Esther
Turgeon
New geochem targets
DOUAY
New Discovery
up to 10.2 g/t Au
Laflamme
Abcourt JV
CASA BERARDI
Drone Mag WINDFALL
GEANT DORMANT
Soil Survey (B-Horizon)
Coigny BELL OSBOURNE
PERRON
BARRY
Volcanics
Chicobi Fault Igneous rocks
Guyberry
Sediments
Midland Projects
HOLT / MCDERMOTT BEATTIE
Geochem study & 2021 Results pending
FAYOLLE
New targets
Patris Gold Mines, Projects
Agnico Eagle
ELDER
HORNE 5 LARONDE
Proposed Drilling
WASAMAC WESTWOOD CROINOR
Heva
M-Cadillac KIENA GOLDEX
Cadillac Fault Agnico Eagle JV
GRANADA
CANADIAN MALARTIC LAMAQUE
9
9
Longitudinal Cadillac Break - Midland Projects
Up to 41 g/t Au (grab)
Midland / Agnico Eagle
Maritime Cadillac JV (Au)
Midland 100%
Heva Project (Au) Target Area
Lapa
New Target Area
10
10Detour Trend Active Partnership Wallbridge Casault Option
▪ $5 M / 4 years
▪ $750K 1st year
Midland New Discovery ▪ Cash payments
Jeremie $600K
up to 6,85 g/t Au / 2,0 m ▪ Expenditures at Dec. 31 : $40K
MARTINIERE
BUG LAKE
WALLBRIDGE Midland New Discovery
DETOUR LAKE FENELON / TABASCO up to 99,1 g/t Au / 0,4m
Casault
Wallbridge Opt Vortex
Sunday Lake Fault
Sunday Lake Fault Fleuribleu
Lower Detour Fault
ZONE 58N Lower Detour Fault Gaudet-Fenelon Golden Delilah
Probe JV
Samson
Midland/Probe
Adam JV Gaudet-Fenelon
▪ $ 1M 1st year (50%-50%)
▪ Expenditures at Dec. 31st : $ 134K
La Peltrie
Probe Opt
Valmond
Probe La Peltrie Option
▪ $3.5 M / 4 years
▪ $500K 1st year Mistaouac Jouvex
Volcanics
▪ Cash payments $400K
Igneous Rocks ▪ Expenditures at Dec. 31st : $245K
Sediments CASA BERARDI
DOUAY
Midland Projects
Gold Mines, Projects
11
11Midland / Wallbridge Casault Option
Martiniere & Bug Lake
Jeremie Fenelon
Ind. Res. : 0.54 Moz Au
Inf. Res. : 0.26 Moz Au Ind. Res. : 2.13 Moz Au
Detour Lake Mine
New Gold Discovery Inf. Res. : 1.47 Moz Au
Reserves P+P > 13Moz Au
Gaudet-Fenelon
Probe JV Fleuribleu
Vortex
Samson
Zone 58N Resources
Golden Delilah
Ind.: 534,300 oz Au
Inf. : 136,100 oz Au
Casault 100% Midland
Wallbridge Option
Selbaie Mine Adam
B14
B26 Valmond
La Peltrie Mafic Volcanics
Probe Option
Felsic Volcanics
Ultramafics
Sediments
Mistaouac Jouvex
Mafic Intrusives
Felsic Intrusives
Casa Berardi Mine
Reserves 1.9 Moz Au
Douay
Vezza West
Midland Gold Projects Midland / Probe Gaudet –Fenelon JV
12
12Casault Option – Property Geology
Martiniere & Bug Lake
Historical Ind. Res. 0.59 Moz Au
New Gold Discovery
Hole CAS-21-123
6.85 g/t Au over 2.0 metres
Bug Lake Zone
Up to 18.13 g/t Au over 44.45 m
13
13Casault Option – 1 st Magnetic Derivative
New Gold Discovery
Hole CAS-21-123
6.85 g/t Au over 2.0 metres
NW-SE Structure
Interpreted over 3 km
14
14Casault Drilling Photos
15
15Gaudet Geology and Proposed IP Survey
Mafic Volcanics 78,
Felsic Volcanics
Wallbridge Fenelon (Main Gabbro)
Ultramafics Wallbridge Tabasco 78.84 g/t Au over 5.34 m
260.4 g/t Au over 7.02 m 32.26 g/t Au over 7.05 m
Sediments
22.73 g/t Au over 48.01 m
Mafic Intrusives
Felsic Intrusives
Wallbridge Area 51
NW-SE trend
1.01 g/t Au over 132.0 m
1.21 g/t Au over 70.99 m
CASAULT PROPERTY 100% MIDLAND
WALLBRIDGE OPTION Sunday Lake DZ
11.8 g/t Au / 1.5 m
Sunday Lake DZ Reaper Discovery
1.2 g/t Au / 1.5 m NW-SE structural trend
308 g/t Au over 2.97 m
Incl. 858 g/t Au over 1.06 m
IP Survey (40 km)
1.75 g/t Au / 1.3 m
Main Target Area
11.4 g/t Au / 0.6 m
GAUDET PROPERTY 100% MIDLAND
16
16Lewis Geology and New Recent Discoveries
New Golden Nest Showing
10.2 g/t Au & 2.1 g/t Au (grabs)
Red Giant Showing
0.35 g/t Au over 9m (Channel) Lewis Property
172 claims (95 km2)
7.9 g/t Au / 0.9 m
6.3 g/t Au / 1.2 m
Lac Shortt (Closed Mine)
Historical Production
500,000 Oz Au
3.8 g/t Au / 4.2 m 13.5 g/t Au (grab)
7.6 g/t Au (grab)
21.3 g/t Au / 0.6 m
6.5 g/t Au / 0.6 m
Mafic Volcanics
Intermediate Volcanics
Felsic Volcanics
Sediments
0 5 10 Mafic Intrusives
Felsic Intrusives
Kilometers
Zn, Cu, Fe Showings Silver Showings Gold Mines ; Showings 17
17Golden Nest New Showing
Golden Nest New Discovery
10.2 g/t Au
2.1 g/t Au
• Small 10m2 outcrop in a swampy area
• Qtz-Cb-Py veins over > 1.5 metres
• 2-10% Py
• K alteration
• Zone is anomalous in As-W
18
18Golden Nest New Showing
19
19Midland James Bay Projects
Mythril Project
Cu-Au-Mo-Ag
QPMC.
La Pointe Gold Deposit
Midland Elrond Newmont Stornoway Diamond Corp.
Gold Project Éléonore Gold Mine Renard Mine
Sirios Ressources Inc.
New Patwon discovery Cheechoo Gold Deposit
Azimut Exploration Inc.
Eastmain Ressources Inc.
Eau Claire Gold Deposit
Mythril Summer 2021 Drilling
New Midland
Komo Gold Project
20Mythril – Surface Cu-Au-Mo-Ag Showings
Paragneiss float
0.17% Cu, 4.7 g/t Ag
Sept 2018 Lindir
Showings Haldir
0.2% Cu
Up to
2.75% Cu
Eriador + Misty Council Mo
Up to 12.65% Cu Lorien Zone
(outcrop), Luthien
Liv 3.04% 1.32% Cu
Up to 16.95% Cu (float) Mo
9.53% Cu
Grey Havens
Up to 9.22% Cu
21
21West Float Fields
12.0 % Cu, 0.33 g/t Au, 0.01 % Mo, 23.1 g/t Ag 22
22Mythril Project – Drilling 2021
2021 Drilling (June)
7 ddh’s ; 1,647 metres
(including 1 ddh – MYT-21-43 on NE Grid
MYT-21-38 MYT-21-42
0.25% CuEq / 104.6 m 1.7% CuEq / 1.75 m
Including: Incl. 2.31% CuEq / 1.0 m
MYT-21-41
0.74% CuEq / 28.5 m 0.40% CuEq / 5.0 m
Including: MYT-21-40
Incl.1.82 % CuEq / 0.75 m
1.3% CuEq / 10.5 m 0.63% CuEq / 5.0 m
Incl. 2.0% CuEq / 0.75 m
Incl. 13.2% CuEq / 0.5 m
4.0% CuEq /1.5 m
And 3.8% CuEq /1.2 m
0.7% CuEq / 10.0 m
Incl. 1.34% CuEq / 3.5 m
MYT-21-39
0.25% CuEq / 59.7 m
MYT-21-37 Including:
0.18% CuEq / 14.1 m 3.55% CuEq / 3.1 m
Incl. 11.9% CuEq / 0.7 m
500 m
23
23Copper Core Mineralization
MYT-19-006
11.8 % Cu, 3.96 g/t Au, 0.02 % Mo, 81.3 g/t Ag / 0.6
m, included in 1.07 % Cu, 0.37 g/t Au, 8.87 g/t Ag
(1.41 % Cu equ.*) over 12.55 m
MYT-19-011
8.15 % Cu, 3.58 g/t Au, 0.1 % Mo, 57 g/t Ag / 0.6
m, included in 1.34 % Cu, 0.69 g/t Au, 0.04 % Mo et
9.54 g/t Ag (2.04% CuEq.*) over 9.00 m
MYT-19-033
Quartz-bornite vein with chalcopyrite in the host granodiorite
5.43 % Cu, 8.78 g/t Au, 400 g/t Ag / 0.51 m (234.69 – 235.2 m)
24
24Mythril Regional New 2019-2020 Showings
Faramir Cu Showing
4 outcrop grabs
Average: 0.17 % Cu New Tornado Au-Cu-Mo-Ag showing
Up to 0.45 % Cu; up Up to: 4.7 gt Au (grabs); Up to: 0.39 % Cu (grabs)
to 0.02 % Mo Float grab: 3.13 g/t Au, 0.35 % Cu
Boromir Floats 2021 IP Surveys
22 mineralized float grabs
Average 0.12 % Cu; Granite,
Up to: 0.45 % Cu Granite granodiorite
Mafic volcanics
Little Whale Showing
Mythril Main Block Boulder Field
Cu-Au-Mo-Ag showings Tonalite Boulder 1: Grab 10.25 g/t Au, 8.02 g/t Ag
Boulder 2: Grab 7.99 g/t Au, 166 g/t Ag
Corvette block new showing
5 outcrop grabs
Average 0.65 % Mo, 0.1 % Cu, 0.09 g/t
Au, 6.0 g/t Ag, and Up to: 1.79 % Mo
Subcrop 3.84 g/t Au, 0.45 % Mo
Paragneiss Au-As Float
3.47 g/t Au; 1.1 g/t Au (grabs) 25
25Labrador Trough Midland’s Projects
Midland / Willbob (Au)
Midland / SOQUEM (Ni-Cu-Au) Midland / BHP (Ni-Cu-Co)
26Willbob & Soissons Projects Location
Midland / BHP New
Strategic Alliance Ni-Cu-Co
Up to $4.2M over 2 years
Midland Au Soissons-NMEF Ni-Cu.
Willbob Project Midland-NMEF JV
Midland Ni-Cu Soissons Project
Up to: 1.22 % Ni, 0.5 % Cu, 0.06 % Co
Voisey’s Bay Mine
Midland / SOQUEM New 136.7 Mt @1.59 % Ni,
Strategic Alliance Ni-Cu-Au 0.85 % Cu
Up to $3M over 2 years
27
27New BHP Ni Strategic Alliance
2021 Exploration Plan
▪ Ground geophysics EM (April)
▪ Airborne geophysics VTEM (May-June)
▪ Prospection 3 weeks (October)
Bonne Une
Strategic Alliance Ni-Cu
A1
Midland-BHP
L2
L2 New Prospect
0.61% Ni, 0.34% Cu,
0.11% Co
28
28L2 New Ni Prospect
New Ni Showing
0.61% Ni, 0.34% Cu, 0.11% Co
29
29VTEM 2021 Surveys
Bonne Une
Survey
Background: 2001
GeoTEM B field Z tau
late time
Papavoine
NW Papavoine
Survey
Survey
30
30Strategic Alliance Midland - SOQUEM
2021 Exploration Plan
▪ Airborne geophysics VTEM (June)
▪ Prospection 3 weeks (June)
▪ Prospecting 3 weeks (August)
Strategic Alliance
Midland-SOQUEM
31
31Strategic Alliance Midland - SOQUEM
Lelièvre NW new zinc Showing
(5.64% Zn, 0.14% Cu)
Lelièvre Sector
(Au, Ag, Zn, Cu) Lac Lelièvre Showing EXT
(0.17g/t Au, 30g/t Ag, 2.3% Zn,
New Gold-Bearing 472ppm Cu, 0.66% Pb)
Boulder
(40.8 g/t Au)
New Gold-Bearing Boulder
(40.8 g/t Au)
*New claims*
32
32High Grade Gold-Bearing Boulder Discovery
C878152: 40.8g/t Au
C878152: 40.8g/t Au C878152: 40.8g/t Au 33Midland Active Projects Location
Midland / New acquisition (Ni)
ABITIBI GOLD BELT
34Tête Nord New Ni-Cu Acquisition Location
Midland (935 claims) Lac Curé Ni-Cu
Rio Tinto
Brunswick
SOQUEM Cabouron Cu
Ni-Cu Showing Kiskissink Ni-Cu
Canada Silver Cobalt
Enertourbe
Fortin Lac Edouard Mine Ni-Cu
JF Pearson
Pierre Parent
Granite Lacroix
Globex Rochette Ni-Cu Tête Nord Zn-Cu-Au (VMS)
6045375 canada
Liliane Audy
Denis Bouchard Savane Ni-Cu
Up to 1.98% Ni, 0.46% Cu
TDEM Up to 1.80 % Ni, 0.20% Cu
Active claim (others)
Claim in progress
Showing 35
35Coming Up for Midland Exploration
New strategic partnerships (Au and Ni projects) – Abitibi projects priority;
Gaudet-Fenelon Probe JV (Au): Drill programs;
Casault Option Wallbridge (Au): Drill programs;
La Peltrie Option Probe (Au): IP Geophysics and Drill programs;
Lewis (Au): MAG Geophysics and Drill programs;
James Bay Mythril: 3D Modeling and Geophysics;
James Bay Mythril Regional: Geophysics, Tills and Prospection;
Elrond (Au): Prospection and Tills;
New SOQUEM Alliance (Ni-Cu-Zn-Au): Geophysical compilation;
New BHP Alliance (Ni): Geophysics, Prospection and Drill programs;
Tête Nord Rio Tinto (Ni): Airborne Geophysics.
36Analysts and Newsletters Coverage
37
37Why Choose Midland Exploration
Strong management and technical team;
Excellent share structure and well funded with more than $8.0M in cash in the
treasury. More than $8.0M (MD $3.5M – Partners $4.5M) in exploration in 2022
with min. of 20,000 metres of drilling;
More than $6M private placements with BHP between 2019-2021 (holds 5%);
Attractive and successful JV business model, focus in Quebec;
Important agreements with BHP, Rio Tinto, Agnico Eagle, Wallbridge, Probe (2),
Osisko, SOQUEM (2), Abcourt and NMEF. Many more to come;
New gold, PGE and base metals discoveries with excellent potential for major
world class deposit;
New significant gold discoveries East of Detour mine and new Mythril Cu-Au-
Mo-Ag discovery in James Bay.
38Merci!
Thank you!
The Next Major Discoverer in Quebec
39
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